UK stocks jump up, thereby extending the highest level for the benchmark stock gauge FTSE 100 Index in the last 5 years. Various companies such as Sage Group and Next Plc. incidentally posted their results on today. The FTSE 100 Index jumped up by 0.4%, thereby adding 26.18 points. The gauge is currently at 6,583.48. This marks the gauge’s highest level since November, 2007. The investors are currently optimistic that the Central Bank will be maintaining the monetary support for driving the economic growth. On the other hand, the broader FTSE All Share Index experienced a jump of 0.4%. The benchmark gauge of Ireland, ISEQ Index experienced a decline of 0.8%.
According to the Head of Research at the Charles Stanley Group, Jeremy Batstone-Carr, the market can go higher and continue doing the same until when the stimulus from the Central Bank is removed. He added further that the macro economic data, in current circumstances, is of less significance if compared to the monetary policy of the Federal Reserve.
Incidentally, according to forecasts, the stimulus program will be put on hold by the Bank of England on tomorrow as there are signals that the economic recovery of this European country has got a stronger foothold. Many economists feel that the policy makers will stay away from expanding the quantitative easing of the bank beyond 375 billion Pounds.
Among companies, Next Group went ahead by 4.4% to mark its highest level since 1999. The sales figures posted by the 2nd largest clothing retailer of the country were better than estimates and this attributed to the gains of the same. The sales rose 2.2%, whereas, the analysts predicted an increase of 1.1%.
Sage Group, the renowned Software maker of the country surged ahead by 2.3% as well and each share is currently priced at 347 Pence. Incidentally, the 1st half revenue of the company increased to 708.1 million Pounds and it also stated that it is confident of meeting the financial and strategic goals for 2013.
As Barclays Plc. raised recommendation from underweight to equal weight, Evraz Plc. showed improvement of 3.1% as well. Each share of the same is now priced at 171.4 Pence. The biggest decline of today on the FTSE 100 was experienced by Standard Chartered, as it dropped by 4.4%; each share is now priced at 1,625 Pence.